PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Wonik IPS restored earnings power in 2025 with revenue of KRW 909.8bn and operating profit of KRW 73.8bn, but in the first half of 2026 tool shipments skewed to the second half, keeping the operating margin in single digits while net profit was heavily shaped by non-operating items.
For 2025, revenue was KRW 909.8bn and operating profit KRW 73.8bn (8.1% margin), a second straight year of improvement from the KRW 18.1bn operating loss of 2023.
Revenue recovered from KRW 164.9bn in 1Q26 to KRW 216.5bn in 2Q26, yet the operating margin stayed in the 6-9% range in both quarters.
Second-quarter 2026 net profit of KRW 89.9bn far exceeded operating profit of KRW 18.4bn, implying a large non-operating contribution (company preliminary disclosure, 6 Aug 2026).
Revenue is order-driven and tied directly to capex execution at Samsung Electronics and SK hynix, with Samsung reported to account for roughly half of sales, implying high customer concentration.
Operating cash flow of KRW 156.6bn in 2025 and a 20.1% debt-to-equity ratio leave the balance sheet with room, a backdrop to discussions about capacity or M&A capacity.
Wonik IPS was established in April 2016 through a spin-off of the semiconductor, display and solar equipment businesses of Wonik Holdings.The company was created in April 2016 by spinning off the semiconductor, display and solar equipment divisions of Wonik Holdings.
It manufactures front-end semiconductor equipment, with chemical vapor deposition (CVD) and atomic layer deposition (ALD) tools as its main products.
It also builds etchers and thermal-processing tools used to cure polyimide for displays, spanning both semiconductor and display process steps.Its line-up includes etchers that remove unwanted material from wafers or substrates and thermal processing tools that cure polyimide for displays.
All products are built to order, so utilization swings widely with the order book, and sales rise when major customers raise capital spending. On mix, as of 2024 manufacturing equipment for semiconductors, displays and solar accounted for 87.6% of sales, with maintenance parts and technical services making up 12.4%.
The balance has since tilted further toward semiconductors: Meritz Securities noted in a May 2026 report that the semiconductor share of revenue reached 88% in 1Q26 and that a higher parts mix plus a reversal of inventory provisions lifted gross margin to 52%.
Within semiconductor tools, SK Securities materials put PECVD at 60-70% and ALD/diffusion at 20-30%, with the company having grown through PECVD localization before broadening mix via ALD.
On customers, Samsung Electronics is reported to represent about half (49%) of total sales, and the 2019 merger with Wonik Terrasemicon strengthened its technology portfolio.
Global deposition equipment remains dominated by large overseas vendors, though NH Investment & Securities has pointed out that Wonik IPS carries a lower China revenue share than global tool makers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩242.2B | ₩36.5B | 15.1% |
| 2025Q3 | ₩268.4B | ₩27.5B | 10.3% |
| 2025Q4 | ₩275B | ₩17.2B | 6.3% |
| 2026Q1 | ₩164.9B | ₩10.7B | 6.5% |
| 2026Q2 | ₩216.5B | ₩18.4B | 8.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1T | ₩97.6B | ₩89.4B | 9.6% | 10.3% | 29.0% |
| 2023 | ₩690.3B | -₩18.1B | -₩13.5B | −2.6% | −1.6% | 25.2% |
| 2024 | ₩748.2B | ₩10.6B | ₩20.7B | 1.4% | 2.3% | 26.7% |
| 2025 | ₩909.8B | ₩73.8B | ₩84B | 8.1% | 8.7% | 20.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
The annual path mirrors the cycle. From KRW 1,114.8bn of revenue and KRW 97.6bn of operating profit (9.6% margin) in 2022, results fell sharply to KRW 690.3bn of revenue and a KRW 18.1bn operating loss in 2023, with operating cash flow also turning negative at minus KRW 12.3bn.
In 2024 the company returned to profit with KRW 748.2bn of revenue and KRW 10.6bn of operating profit (1.4% margin), still a thin margin, before 2025 brought a clear recovery: KRW 909.8bn of revenue, KRW 73.8bn of operating profit (8.1% margin) and KRW 84.0bn of net profit.
Operating cash flow of KRW 156.6bn and a debt-to-equity ratio of 20.1% in 2025 show cash generation and balance-sheet stability improving together.
Quarterly, 2Q25 delivered KRW 242.2bn of revenue and KRW 36.5bn of operating profit for a margin above 15%, yet 3Q25 (KRW 268.4bn / KRW 27.5bn) and 4Q25 (KRW 275.0bn / KRW 17.2bn) saw margins fall even as revenue rose.
First-quarter 2026 stepped back sharply to KRW 164.9bn of revenue and KRW 10.7bn of operating profit; SK Securities attributed the sequential decline to tools having been shipped early in the prior quarter, describing it as a temporary matter of shipment scheduling typical of equipment makers.
Second-quarter 2026 recovered to KRW 216.5bn of revenue and KRW 18.4bn of operating profit, still below the year-earlier KRW 242.2bn and KRW 36.5bn, while the company's preliminary disclosure showed pre-tax profit of KRW 101.2bn and net profit of KRW 89.9bn, far above the operating profit line.
In other words, the KRW 89.9bn net figure was dominated by non-operating items relative to KRW 18.4bn of operating profit, and the KRW 173.1bn of net profit summed over the latest four quarters (3Q25 to 2Q26) should be read with that composition in mind.
On a first-half basis, revenue was KRW 381.4bn (up 4.1% year on year), operating profit KRW 29.1bn (up 0.2%) and net profit KRW 112.0bn (up 388.2%), on a preliminary basis.
The end market is in an expansion phase driven by artificial-intelligence infrastructure spending. Counterpoint Research reported that 2025 revenue for semiconductor manufacturing equipment vendors rose 12% year on year to USD 143bn and projected an upcycle with roughly 11% growth in 2026.
Growth is expected to concentrate in lithography, etch, deposition, process control and advanced packaging, while trailing-edge demand from IoT, automotive and power sensors stays flat. Customer budgets have also grown.
Samsung Electronics announced a plan to raise facility investment 20% year on year to KRW 110tn, and SK hynix is reported to be lifting capex from KRW 29tn in 2025 to the mid-KRW 30tn range in 2026. Bigger budgets, however, do not translate immediately into deposition tool orders.
Meritz Securities said in a May 2026 report that customer capex plans are getting larger and faster, but that limited cleanroom availability in 2026 constrains near-term expansion, so acceleration is concentrated in infrastructure work for new fabs from 2027.
Competitively, Wonik IPS is a leading domestic vendor anchored in memory deposition and thermal processing while extending into foundry, and the Korea IR Council assessed that the ability to win orders in both memory and foundry reduces dependence on any single segment.
On the other hand, China-related regulation and the complexity of technology transitions are cited as industry-wide risks.
On flows, foreign investors net sold KRW 7.06tn of SK hynix and KRW 819.8bn of Samsung Electronics during August 2026, concentrating sales in large-cap semiconductor names, which remains a sentiment variable for the sector.
The direction of results hinges on customer conversion investment and new-line schedules.
In a May 2026 report, SK Securities projected that V9 conversion investment at Samsung Electronics' second Xi'an plant would bring process-tool move-ins starting in the second half of 2026, that V10 conversion is under review at domestic fabs, and that new investment could follow in 2027.
The same report expected DRAM investment in 2027 to as much as double versus 2026 as SK hynix accelerates M15X and Yongin Y1 spending. On foundry, revenue recognition tied to the Taylor fab was expected in 3Q26, with supplementary investment at Austin and phase two of Taylor seen as potential new momentum in 2027.
Consistent with that, Samsung Electronics said on its second-quarter 2026 earnings call that it was preparing to break ground on a second Taylor plant by year-end, targeting mass production in 2030.
On new-fab tool move-in timing, Meritz Securities expected Samsung's P5 to begin taking equipment from late 2027 and SK hynix's Yongin Y1 in the first half of 2027.
As for full-year expectations, the Korea IR Council's corporate research center forecast 2026 revenue of KRW 1,197bn and operating profit of KRW 140bn in February 2026 material, while offering no investment rating or target price.
On financial capacity, reports noted cash and equivalents recovering to KRW 107.3bn, or KRW 179.1bn including trade and other current receivables, and the industry has speculated whether that cash could restart merger and acquisition activity that had been paused for years.
In short, results from the second half of 2026 will need to be tracked along two axes: the pace of V9 conversion revenue recognition and the actual timing of foundry volumes hitting the books.
Any read of the profit multiples should start with their composition. Net profit summed over the latest four quarters (3Q25 to 2Q26) far exceeded the sum of operating profit over the same span, meaning the denominator of the earnings multiple includes a substantial contribution generated outside operations.
Against book value, the shares trade at a premium, which can be read either as anticipation of expanded memory investment in 2026-2027 or as the usual habit of cycle equipment names pricing results ahead of time.
The dividend policy remains a modest cash payout, so the return relative to earnings is small and the dividend yield sits at a low level.
Views in the market diverge: SK Securities maintained a Buy rating and raised its target price to KRW 180,000 in a report dated 11 May 2026, explaining that a semiconductor-centred investment cycle through 2026-2028 keeps mix improving.
Meritz Securities also raised its fair value to KRW 176,000 in a May 2026 report, saying it lifted the fair multiple on 2026 estimated book value per share to 7.6 times from 6.5 times on higher global peer multiples and a supportive flow environment.
On the other side of the ledger sit the facts that the operating margin stayed in single digits through the first half of 2026 and that quarterly revenue swings widely with tool shipment schedules.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Samsung Electronics announced a 20% year-on-year increase in facility investment to KRW 110tn, and SK hynix is reported to be lifting 2026 capex to the mid-KRW 30tn range. Because Wonik IPS revenue is tied directly to how those budgets are executed, a larger total pool expands the potential order set. With Samsung reported at about half of sales, that linkage is all the more direct.
NH Investment & Securities noted that conversion investment now requires more tools than in the past, raising revenue per project and favouring Wonik IPS as the incumbent supplier to existing lines.
The Korea IR Council likewise explained that finer process nodes, taller 3D NAND stacks and advanced memory demand have increased the equipment spend needed per 10K wafers. The implication is that the order value attached to a given capacity addition has structurally grown.
Operating results improved from a KRW 18.1bn loss in 2023 to KRW 10.6bn of profit in 2024 and KRW 73.8bn in 2025, while 2025 operating cash flow reached KRW 156.6bn. The debt-to-equity ratio stood at 20.1% in 2025, down from 29.0% in 2022.
Market interest in whether that cash could restart merger and acquisition activity stems from this same financial headroom.
Revenue fell nearly 40% in a single quarter, from KRW 275.0bn in 4Q25 to KRW 164.9bn in 1Q26, with operating profit dropping from KRW 17.2bn to KRW 10.7bn.
SK Securities attributed this to early shipments in the prior quarter and a temporary reallocation of schedules, but such amplitude is structural to an order-based equipment business. The difficulty of judging trends on a quarterly basis weighs on earnings visibility.
The operating margin exceeded 15% in 2Q25 but stayed in a 6-10% band from 3Q25 through 2Q26, and first-half 2026 cumulative operating profit of KRW 29.1bn was essentially flat year on year. That margins did not rise alongside revenue in stronger quarters signals the need to watch mix and cost structure together.
Surpassing the 9.6% annual operating margin of 2022 again would require further improvement in the share of high-value semiconductor tools.
In the preliminary 2Q26 disclosure, pre-tax profit was KRW 101.2bn and net profit KRW 89.9bn, far above operating profit of KRW 18.4bn. Gains arising outside operations may not repeat, so net-profit-based metrics require careful interpretation. The 388.2% year-on-year jump in first-half cumulative net profit should be read in the same light.
With Samsung Electronics representing about half of sales, any shift in a single customer's investment timing feeds straight into quarterly results. The Korea IR Council also noted that Wonik IPS revenue and orders are directly linked to the scale of Samsung's capex execution. Even with strong memory prices, tool orders can slip depending on cleanroom and infrastructure readiness.
Meritz Securities said limited cleanroom availability in 2026 caps near-term expansion, with acceleration concentrated in new-fab infrastructure investment from 2027. Samsung's P5 tool move-in was expected from late 2027 and SK hynix's Yongin Y1 in the first half of 2027.
If the lag between announced customer investment and actual equipment revenue recognition lengthens, expectations and reported results can diverge.
Counterpoint Research cited China-related regulation and the complexity of technology transitions as key risks for the equipment industry.
Infrastructure bottlenecks, geopolitical shifts and export controls, the technical complexity of the 2nm transition and uncertainty over advanced-node ramp timing were also listed as risk factors.
In addition, sector-wide flow swings such as the concentrated foreign net selling of large-cap semiconductor names in August 2026 can amplify volatility for equipment shares.
Watch the 3Q26 results and capex commentary from Samsung Electronics and SK hynix. Their 2027 DRAM and NAND investment plans and cleanroom readiness are leading variables for when Wonik IPS books orders.
Wonik IPS is expected to disclose preliminary 3Q26 results. The key questions are whether the Taylor fab-related revenue that SK Securities expected in 3Q26 was actually recognised, and whether the operating margin improved from the single digits seen in the first half.
This is the window to check progress on process-tool move-ins tied to V9 conversion at Samsung's second Xi'an plant and whether groundbreaking on the second Taylor plant starts by year-end. Both events help gauge the substance of the 2027 order pipeline.
Check the confirmed full-year 2026 results and dividend decision, followed by segment revenue, utilization and order backlog in the annual report. The gap versus the Korea IR Council's February 2026 forecast of KRW 1,197bn in revenue and KRW 140bn in operating profit for 2026 is the point to test.
Watch for the start of equipment move-ins at SK hynix's Yongin Y1 and any decision on V10 conversion investment at domestic fabs. If new-line orders genuinely begin, the revenue mix that has leaned on conversion investment could change.
Wonik IPS is a leading Korean front-end semiconductor equipment maker built around CVD/ALD deposition and thermal processing, with an order-based model whose revenue is tied directly to capex execution at Samsung Electronics and SK hynix.
Results improved from a KRW 18.1bn operating loss in 2023 to KRW 10.6bn of operating profit in 2024 and KRW 73.8bn (8.1% margin) in 2025, while 2025 operating cash flow of KRW 156.6bn and a 20.1% debt-to-equity ratio show a tidier balance sheet.
By contrast, first-half 2026 cumulative revenue of KRW 381.4bn and operating profit of KRW 29.1bn were essentially flat year on year, and 2Q26 net profit of KRW 89.9bn sat far above operating profit of KRW 18.4bn, reflecting a large non-operating component.
On the industry side, the projected 2026 upcycle in equipment and Samsung's KRW 110tn facility investment plan are supportive, yet a lag exists between announcements and orders, as suggested by the observation that limited cleanroom availability caps expansion in 2026.
The shares trade at a premium to book value, and because the latest four quarters of net profit include a substantial non-operating contribution, the composition deserves review rather than taking the earnings multiple at face value.
Ultimately the bull case rests on the scale of 2027 new-fab orders and rising order value per conversion project, while the bear case rests on quarterly amplitude and the pace of margin recovery.
The next checkpoints are foundry revenue recognition in 3Q26 results and greater specificity in customers' 2027 investment plans. This report is for information purposes and contains no buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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